The general ledger for Schellhorn’s Water Slide shows the following account balances on December 31, the end of the fiscal period.

Instructions 

In your working papers:

1. Prepare the Trial Balance section of the work sheet. The account names are entered on the work sheet.

2. Enter the adjustments for Office Supplies and Prepaid Insurance in the Adjustments section. The data for the adjustments is as follows: 

a. The amount of supplies on hand on December 31 is $492. 

b. The insurance premium expired is $860.

3. Extend the amounts and complete the Adjusted Trial Balance section. 

Transcribed Image Text:

101 Cash in Bank 105 Accts. Rec. Chiara Adin 110 Accts. Rec.-Miguel Hendrickson 115 Office Supplies 120 Prepaid Insurance 125 Office Equipment 130 Water Slide Equipment 201 Accts. Pay. Northern Slide Co. 205 Accts. Pay.-Advertising World 210 Accts. Pay.-Merit Cleaning 301 Phil Schellhorn, Capital 302 Phil Schellhorn, Withdrawals 303 Income Summary 401 Slide Revenue 501 Advertising Expense 505 Insurance Expense 510 Maintenance Expense 515 Rent Expense 520 Office Supplies Expense 525 Utilities Expense $10,230 519 207 1,820 1,290 3,117 14,204 6,281 1,559 332 12,641 1,400 29,209 1,350 719 12,800 - 2,366